XPER Xperi Inc

Signs Additional Smart TV OEM to Integrate TiVo OS; Vestel Now Shipping to UK and Germany

Completes Divestiture of AutoSense, Enhancing Focus and Improving Profitability

Initiates Formal Process to Evaluate Strategic Alternatives for Perceive

Xperi Inc. (NYSE: XPER) (the “Company” or “Xperi”), an entertainment technology company that invents, develops, and delivers technologies that enable extraordinary experiences, today announced fourth quarter and full-year 2023 financial results for the period ended December 31, 2023.

“Closing out our first full fiscal year as a standalone public company, we posted another quarter of solid financial results as we advanced our ongoing cost transformation efforts and delivered important design wins,” said Jon Kirchner, chief executive officer of Xperi. “We remain focused on building out our TiVo OS footprint as well as accelerating the deployment of our TiVo Video-over-Broadband and DTS AutoStage solutions. Our outlook for fiscal year 2024 indicates the progress we are making toward increased profitability, improved cash flow, and achieving our three-year targets for Xperi’s independent media platforms.”

Mr. Kirchner continued, “During 2024, we will continue to drive strategic initiatives that further focus our business on significant opportunities in entertainment while working to enhance our ability to deliver sustainable, profitable growth. To that end, we completed the divestiture of the AutoSense and related imaging business and we recently initiated a formal process to evaluate strategic alternatives for the Perceive business.”

Financial Highlights

GAAP Highlights ($ millions, except per share data)

Q4 FY23

Q4 FY22

 

Full Year 2023

Full Year 2022

Revenue

$137.2

$135.5

 

$521.3

$502.3

GAAP Operating Loss

($29.8)

($299.1)

 

($129.6)

($749.4)

GAAP Net Loss

($25.3)

($298.0)

 

(139.7)

(761.2)

GAAP Loss per Share Attributable to the Company

($0.57)

($7.06)

 

($3.18)

($18.02)

 

 

 

Non-GAAP1,2 Highlights ($ millions, except per share data)

Q4 FY23

Q4 FY22

 

Full Year 2023

 

Revenue

$137.2

$135.5

 

$521.3

 

Non-GAAP Operating Income/(Loss)

$7.1

($4.7)

 

$11.2

 

Adjusted EBITDA

$13.4

$3.6

 

$34.7

 

Non-GAAP Earnings per Share

$0.11

$0.08

 

$0.01

 

 

1 For further information on supplemental non-GAAP metrics, refer to the “Non-GAAP Financial Measures” and GAAP to non-GAAP Reconciliations provided in the financial statement tables included in this press release.

2 Due to the use of carve-out accounting for the first three quarters of fiscal year 2022, certain non-GAAP metrics are not relevant on a comparable basis.

Recent Key Operating Achievements

Media Platform

• Skyworth, a Top 10 global Smart TV manufacturer, has signed an agreement to integrate the TiVo Operating System into their 2024 Smart TV lineup.
• Vestel is now shipping Smart TVs Powered by TiVo into seven European countries, including the U.K. and Germany, and is expected to continue expanding into additional European countries under more than a dozen brands such as JVC, Telefunken, and Vestel.
• Sharp and Argos (a leading U.K. consumer electronics retailer) expect to have Smart TVs Powered by TiVo in retail stores this spring across Europe and the U.K., respectively. Argos will launch TVs with TiVO OS under their house brand Bush.

Connected Car

• BMW is deploying DTS AutoStage Video Service, Powered by TiVo, across select new cars in production and certain late-model vehicles already on the road via an over-the-air (OTA) update, with plans to expand deployments to its Mini brand.
• Won three new DTS AutoStage contracts with major Asian and European automotive partners.
• Ended 2023 with committed business in Connected Car totaling more than $300M, growth of more than 10% from the prior year when adjusting for the AutoSense divestiture.

Pay TV

• Ended 2023 with 1.9 million video-over-broadband (“IPTV”) subscribers generating approximately $60M in revenue, up 38% year over year; signed agreement with Summit Broadband and launched multiple new service providers, including Hawaii Telecom and EverFast Fiber.
• Launched TiVo Broadband, a streaming-based media platform delivering subscription video-on-demand, TiVo+ free ad-supported TV, and customer specific linear channels to broadband-only customers.

Consumer Electronics

• Signed several multi-year IMAX Enhanced license agreements with major consumer electronics manufacturers, including Hisense and Xgimi.
• Signed a new DTS:X decoder agreement with a major U.S. retailer for their house brand of certain consumer electronics products; signed major renewal with Masimo, a leading provider of audio equipment through brands such as Denon, Marantz, Definitive Technology and Polk Audio.

Perceive

• Continued development efforts to deliver Perceive technology to a big tech partner for product commercialization, while also advancing efforts on large language model compression.
• Hired Centerview Partners LLC to explore strategic alternatives for Perceive.

Financial Outlook

The Company is providing the following outlook for fiscal year 2024:

Category ($ in millions)

GAAP Outlook

Non-GAAP Outlook

Revenue

$500 to $530

$500 to $530

Adjusted EBITDA Margin1,2

n/a

12% to 14%

 

1 See discussion of “Non-GAAP Financial Measures” below.

2 With respect to Adjusted EBITDA Margin, the Company has determined that it is unable to provide a quantitative reconciliation of this forward-looking non-GAAP measure to the most directly comparable forward-looking GAAP measure with a reasonable degree of confidence in its accuracy without unreasonable effort, as items including restructuring and impacts from discrete tax adjustments and tax law changes are inherently uncertain and depend on various factors, many of which are beyond the Company's control.

Conference Call Information

The Company will hold its fourth quarter and full-year 2023 earnings conference call at 2:00 PM Pacific Time (5:00 PM Eastern Time) on Wednesday, February 28, 2024. To access the call toll-free, please dial 1-888-596-4144, otherwise dial 1-646-968-2525. The conference ID is 5483252. All participants should dial in 15 minutes prior to the start of the call using the conference ID listed above. Alternatively, the call can be accessed via the following webcast link: Q4 2023 Earnings Call Webcast.

Safe Harbor Statement

This press release contains “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on information available to the Company as of the date hereof, as well as the Company’s current expectations, assumptions, estimates and projections that involve risks and uncertainties. In some cases, you can identify forward-looking statements by the words “expect,” “anticipate,” “intend,” “plan,” “believe,” “could,” “seek,” “see,” “will,” “may,” “would,” “might,” “potentially,” “estimate,” “continue,” “expect,” “target,” similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance, or achievements to be materially different from the information expressed or implied by these forward-looking statements. These risks, uncertainties and other factors are described under the captions “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in the documents we file with the Securities and Exchange Commission from time to time. The Company does not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws.

About Xperi Inc.

Xperi invents, develops, and delivers technologies that enable extraordinary experiences. Xperi technologies, delivered via its brands DTS®, HD Radio™, TiVo®, and by its startup, Perceive, are integrated into billions of consumer devices and media platforms worldwide, powering smart devices, connected cars and entertainment experiences. Additionally, Xperi delivers solutions through partnerships, including IMAX® Enhanced, a certification and licensing program operated by IMAX Corporation and DTS, Inc. Xperi has created a unified ecosystem that reaches highly engaged consumers driving increased value for partners and customers.

©2024 Xperi Inc. All Rights Reserved. Xperi®, TiVo®, DTS®, HD Radio™, Play-Fi®, Perceive® and their respective logos are trademark(s) or registered trademark(s) of Xperi Inc. or its subsidiaries in the United States and other countries. IMAX® is a registered trademark of IMAX Corporation. All other trademarks and content are the property of their respective owners.

Non-GAAP Financial Measures

In addition to disclosing financial results calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company’s press release contains non-GAAP financial measures adjusted for either one-time or ongoing non-cash acquired intangibles amortization charges; amortization of capitalized cloud computing costs; costs related to actual or planned acquisitions, financing, and divestitures including transaction fees, integration costs, severance, facility closures, and retention bonuses; restructuring costs; separation costs; all forms of stock-based compensation; impairment of assets and goodwill; other items not indicative of our ongoing operating performance, and related tax effects for each adjustment. Management believes that the non-GAAP measures used in this press release provide investors with important perspectives into the Company’s ongoing business and financial performance and provide a better understanding of our core operating results reflecting our normal business operations. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. Our use of non-GAAP financial measures has certain limitations in that the non-GAAP financial measures we use may not be directly comparable to those reported by other companies. For example, the terms used in this press release, such as adjusted EBITDA, do not have a standardized meaning. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. We seek to compensate for the limitation of our non-GAAP presentation by providing a detailed reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures in the tables attached hereto. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. All financial data is presented on a GAAP basis except where the Company indicates its presentation is on a non-GAAP basis.

Set forth below are reconciliations of the Company’s reported GAAP to non-GAAP financial measures.

XPER-E

XPERI INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

 

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

137,233

 

 

$

135,531

 

 

$

521,334

 

 

$

502,260

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenue, excluding depreciation and amortization of intangible assets

 

 

33,567

 

 

 

37,258

 

 

 

118,628

 

 

 

122,946

 

 

Research and development

 

 

55,840

 

 

 

57,713

 

 

 

222,833

 

 

 

216,355

 

 

Selling, general and administrative

 

 

59,510

 

 

 

60,506

 

 

 

233,403

 

 

 

217,402

 

 

Depreciation expense

 

 

4,102

 

 

 

4,804

 

 

 

16,645

 

 

 

20,501

 

 

Amortization expense

 

 

13,403

 

 

 

16,044

 

 

 

57,752

 

 

 

62,209

 

 

Goodwill impairment

 

 

—

 

 

 

250,555

 

 

 

—

 

 

 

604,555

 

 

Impairment of long-lived assets

 

 

614

 

 

 

7,724

 

 

 

1,710

 

 

 

7,724

 

 

Total operating expenses

 

 

167,036

 

 

 

434,604

 

 

 

650,971

 

 

 

1,251,692

 

 

Operating loss

 

 

(29,803

)

 

 

(299,073

)

 

 

(129,637

)

 

 

(749,432

)

 

Other (expense) income, net

 

 

51

 

 

 

2,117

 

 

 

(9

)

 

 

1,815

 

 

Loss before taxes

 

 

(29,752

)

 

 

(296,956

)

 

 

(129,646

)

 

 

(747,617

)

 

(Benefit from) provision for income taxes

 

 

(4,439

)

 

 

1,090

 

 

 

10,042

 

 

 

13,589

 

 

Net loss

 

 

(25,313

)

 

 

(298,046

)

 

 

(139,688

)

 

 

(761,206

)

 

Less: net loss attributable to noncontrolling interest

 

 

(521

)

 

 

(1,016

)

 

 

(3,075

)

 

 

(3,722

)

 

Net loss attributable to the Company

 

$

(24,792

)

 

$

(297,030

)

 

$

(136,613

)

 

$

(757,484

)

 

Net loss per share attributable to the Company - basic and diluted

 

$

(0.57

)

 

$

(7.06

)

 

$

(3.18

)

 

$

(18.02

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of shares used in net loss per share calculations - basic and diluted

 

 

43,717

 

 

 

42,043

 

 

 

43,012

 

 

 

42,029

 

 

XPERI INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(unaudited)

 

 

 

December 31,

 

 

December 31,

 

 

 

2023

 

 

2022

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

142,085

 

 

$

160,127

 

Accounts receivable, net

 

 

55,984

 

 

 

64,712

 

Unbilled contracts receivable, net

 

 

64,114

 

 

 

65,251

 

Prepaid expenses and other current assets

 

 

38,874

 

 

 

42,174

 

Assets held for sale

 

 

15,860

 

 

 

—

 

Total current assets

 

 

316,917

 

 

 

332,264

 

Unbilled contracts receivable, noncurrent

 

 

18,231

 

 

 

4,289

 

Property and equipment, net

 

 

41,569

 

 

 

47,827

 

Operating lease right-of-use assets

 

 

39,900

 

 

 

52,901

 

Intangible assets, net

 

 

206,895

 

 

 

264,376

 

Deferred tax assets

 

 

5,093

 

 

 

2,096

 

Other noncurrent assets

 

 

32,781

 

 

 

33,158

 

Assets held for sale, noncurrent

 

 

12,249

 

 

 

—

 

Total assets

 

$

673,635

 

 

$

736,911

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

20,849

 

 

$

14,864

 

Accrued liabilities

 

 

109,961

 

 

 

110,014

 

Deferred revenue

 

 

28,111

 

 

 

25,363

 

Liabilities held for sale

 

 

6,191

 

 

 

—

 

Total current liabilities

 

 

165,112

 

 

 

150,241

 

Long-term debt

 

 

50,000

 

 

 

50,000

 

Deferred revenue, noncurrent

 

 

19,425

 

 

 

19,129

 

Operating lease liabilities, noncurrent

 

 

30,598

 

 

 

42,666

 

Deferred tax liabilities

 

 

6,983

 

 

 

12,899

 

Other noncurrent liabilities

 

 

4,577

 

 

 

12,990

 

Liabilities held for sale, noncurrent

 

 

9,805

 

 

 

—

 

Total liabilities

 

 

286,500

 

 

 

287,925

 

Equity:

 

 

 

 

 

 

Common stock

 

 

44

 

 

 

42

 

Additional paid-in capital

 

 

1,212,501

 

 

 

1,136,330

 

Accumulated other comprehensive loss

 

 

(2,865

)

 

 

(4,119

)

Accumulated deficit

 

 

(805,448

)

 

 

(668,835

)

Total Company stockholders’ equity

 

 

404,232

 

 

 

463,418

 

Noncontrolling interest

 

 

(17,097

)

 

 

(14,432

)

Total equity

 

 

387,135

 

 

 

448,986

 

Total liabilities and equity

 

$

673,635

 

 

$

736,911

 

XPERI INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(139,688

)

 

$

(761,206

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

 

 

 

Depreciation of property and equipment

 

 

16,645

 

 

 

20,501

 

Amortization of intangible assets

 

 

57,752

 

 

 

62,209

 

Stock-based compensation

 

 

69,531

 

 

 

45,303

 

Goodwill impairment

 

 

—

 

 

 

604,555

 

Impairment of long-lived assets

 

 

1,710

 

 

 

7,724

 

Deferred income taxes

 

 

(8,596

)

 

 

(9,261

)

Other

 

 

748

 

 

 

24

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

5,721

 

 

 

17,505

 

Unbilled contracts receivable

 

 

(19,386

)

 

 

(12,473

)

Prepaid expenses and other assets

 

 

2,696

 

 

 

(20,439

)

Accounts payable

 

 

5,071

 

 

 

6,633

 

Accrued and other liabilities

 

 

3,688

 

 

 

18,782

 

Deferred revenue

 

 

4,170

 

 

 

(8,302

)

Net cash provided by (used in) operating activities

 

 

62

 

 

 

(28,445

)

Cash flows from investing activities:

 

 

 

 

 

 

Net cash paid for mergers and acquisitions

 

 

—

 

 

 

(50,473

)

Purchases of property and equipment

 

 

(12,748

)

 

 

(14,207

)

Purchases of intangible assets

 

 

(185

)

 

 

(166

)

Net cash used in investing activities

 

 

(12,933

)

 

 

(64,846

)

Cash flows from financing activities:

 

 

 

 

 

 

Net proceeds from capital contributions by Former Parent

 

 

—

 

 

 

83,235

 

Net transfers from Former Parent

 

 

—

 

 

 

52,802

 

Proceeds from issuance of common stock under employee stock purchase plan

 

 

11,927

 

 

 

—

 

Withholding taxes related to net share settlement of equity awards

 

 

(4,875

)

 

 

(286

)

Net cash provided by financing activities

 

 

7,052

 

 

 

135,751

 

Effect of exchange rate changes on cash and cash equivalents

 

 

126

 

 

 

(3,028

)

Net (decrease) increase in cash and cash equivalents

 

 

(5,693

)

 

 

39,432

 

Cash and cash equivalents at beginning of period

 

 

160,127

 

 

 

120,695

 

Cash and cash equivalents at end of period (1)

 

$

154,434

 

 

$

160,127

 

(1) Including $12,349 and $0 classified as held for sale at December 31, 2023 and 2022, respectively.

 

 

 

 

 

 

XPERI INC.

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands, except per share amounts)

(unaudited)

 

Net income attributable to the Company:

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss attributable to the Company

 

$

(24,792

)

 

$

(297,030

)

 

$

(136,613

)

 

 

 

 

 

 

 

 

 

 

Adjustments to GAAP net loss attributable to the Company:

 

 

 

 

 

 

 

 

 

Stock-based compensation(1)

 

 

17,850

 

 

 

15,542

 

 

 

69,531

 

Amortization of intangible assets

 

 

13,403

 

 

 

16,044

 

 

 

57,752

 

Goodwill impairment

 

 

-

 

 

 

250,555

 

 

 

-

 

Impairment of long-lived assets

 

 

614

 

 

 

7,724

 

 

 

1,710

 

Transaction, separation, integration and restructuring related costs:

 

 

 

 

 

 

 

 

 

Transaction, separation, integration and restructuring costs(2)

 

 

4,145

 

 

 

2,234

 

 

 

7,954

 

Severance and retention(3)

 

 

925

 

 

 

2,300

 

 

 

3,866

 

Non-GAAP tax adjustment(4)

 

 

(6,366

)

 

 

6,340

 

 

 

(3,646

)

Non-GAAP net income attributable to the Company

 

$

5,779

 

 

$

3,709

 

 

$

554

 

 

 

 

 

 

 

 

 

 

 

(1) Stock-based compensation included in above line items:

 

 

 

 

 

 

 

 

 

Cost of revenue, excluding depreciation and amortization of intangible assets

 

$

941

 

 

$

729

 

 

$

3,466

 

Research and development

 

$

6,736

 

 

$

5,266

 

 

$

25,276

 

Selling, general and administrative

 

$

10,173

 

 

$

9,547

 

 

$

40,789

 

 

 

 

 

 

 

 

 

 

 

(2) Transaction, separation, integration and restructuring related costs included in above line items:

 

 

 

 

 

 

 

 

 

Cost of revenue, excluding depreciation and amortization of intangible assets

 

$

214

 

 

$

(24

)

 

$

214

 

Research and development

 

$

786

 

 

$

(67

)

 

$

786

 

Selling, general and administrative

 

$

3,145

 

 

$

2,325

 

 

$

6,954

 

 

 

 

 

 

 

 

 

 

 

(3) Severance and retention included in above line items:

 

 

 

 

 

 

 

 

 

Cost of revenue, excluding depreciation and amortization of intangible assets

 

$

209

 

 

$

-

 

 

$

263

 

Research and development

 

$

138

 

 

$

2,009

 

 

$

1,554

 

Selling, general and administrative

 

$

578

 

 

$

291

 

 

$

2,049

 

 

 

 

 

 

 

 

 

 

 

(4) The provision for income taxes is adjusted to reflect the net direct and indirect income tax effects of the various non-GAAP pretax adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to the Company:

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

GAAP net loss per share attributable to the Company

 

$

(0.57

)

 

$

(7.06

)

 

$

(3.18

)

 

 

 

 

 

 

 

 

 

 

Adjustments to GAAP loss per share attributable to the Company:

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

0.41

 

 

 

0.37

 

 

 

1.62

 

Amortization of intangible assets

 

 

0.31

 

 

 

0.38

 

 

 

1.34

 

Goodwill impairment

 

 

-

 

 

 

5.96

 

 

 

-

 

Impairment of long-lived assets

 

 

0.01

 

 

 

0.18

 

 

 

0.04

 

Transaction, separation, integration and restructuring related costs

 

 

0.12

 

 

 

0.11

 

 

 

0.27

 

Non-GAAP tax adjustment

 

 

(0.15

)

 

 

0.15

 

 

 

(0.08

)

Difference in shares used in the calculation

 

 

(0.02

)

 

 

(0.01

)

 

 

-

 

Non-GAAP net income per share attributable to the Company

 

$

0.11

 

 

$

0.08

 

 

$

0.01

 

 

 

 

 

 

 

 

 

 

 

GAAP weighted average number of shares - diluted

 

 

43,717

 

 

 

42,043

 

 

 

43,012

 

Non-GAAP weighted average number of shares - diluted

 

 

50,863

 

 

 

46,470

 

 

 

49,633

 

XPERI INC.

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands)

(unaudited)

 

Three Months Ended December 31,

 

Year Ended December 31,

 

2023

 

2022

 

2023

GAAP operating loss

$

(29,803

)

$

(299,073

)

$

(129,637

)

Adjustments to GAAP operating loss:

 

 

 

 

 

Stock-based compensation

 

17,850

 

 

15,542

 

 

69,531

 

Amortization of intangible assets

 

13,403

 

 

16,044

 

 

57,752

 

Goodwill impairment

 

—

 

 

250,555

 

 

—

 

Impairment of long-lived assets

 

614

 

 

7,724

 

 

1,710

 

Transaction, separation, integration and restructuring related costs:

 

 

 

 

 

Transaction, separation, integration and restructuring costs

 

4,145

 

 

2,234

 

 

7,954

 

Severance and retention

 

925

 

 

2,300

 

 

3,866

 

Non-GAAP operating income/(loss)

$

7,134

 

$

(4,674

)

$

11,176

 

 

XPERI INC.

GAAP TO NON-GAAP RECONCILIATIONS

(in thousands)

(unaudited)

 

 

 

Three Months Ended December 31,

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2023

 

GAAP net loss

 

$

(25,313

)

 

$

(298,046

)

 

$

(139,688

)

Adjustments to GAAP net loss:

 

 

 

 

 

 

 

 

 

Interest expense

 

 

767

 

 

 

839

 

 

 

3,104

 

(Benefit from) provision for income taxes

 

 

(4,439

)

 

 

1,090

 

 

 

10,042

 

Stock-based compensation

 

 

17,850

 

 

 

15,542

 

 

 

69,531

 

Depreciation expense

 

 

4,102

 

 

 

4,804

 

 

 

16,645

 

Amortization of intangible assets

 

 

13,403

 

 

 

16,044

 

 

 

57,752

 

Amortization of capitalized cloud computing costs

 

 

1,339

 

 

 

527

 

 

 

3,756

 

Goodwill impairment

 

 

—

 

 

 

250,555

 

 

 

—

 

Impairment of long-lived assets

 

 

614

 

 

 

7,724

 

 

 

1,710

 

Transaction, separation, integration and restructuring related costs:

 

 

 

 

 

 

 

 

 

Transaction, separation, integration and restructuring costs

 

 

4,145

 

 

 

2,234

 

 

 

7,954

 

Severance and retention

 

 

925

 

 

 

2,300

 

 

 

3,866

 

Non-GAAP adjusted EBITDA

 

$

13,393

 

 

$

3,613

 

 

$

34,672

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240228094628/en/

Xperi Investor Contact: Mike Iburg VP, Investor Relations +1 408-321-3827 ir@xperi.com

Media Contact: Amy Brennan Senior Director, Corporate Communications +1 949-518-6846 amy.brennan@xperi.com